ECCB 2022-2023 Annual Report and Financial Statements

Eastern Caribbean Central Bank Notes to the Financial Statements For the year ended 31 March 2023 (Expressed in Eastern Caribbean dollars)

24. Commitments and contingencies (continued)

Commitments (continued)

Credit limits to participating governments (continued)

The Board has approved a total credit limit to participating governments for the 2023/24 financial year in the amount of $840,000,000.

Contingencies

Pending litigations

The Bank is subject to various claims, disputes and legal proceedings, in the normal course of business. There are several legal claims which have been brought against the Bank. Provision is made for such matters when, in the opinion of management as advised by the Bank’s Legal Counsel , it is probable that a payment will be made by the Bank, and the amount can be reasonably estimated. In respect of claims asserted against the Bank for which, according to the principles outlined above, no provision has been made, management is of the opinion that such claims are without merit and can be successfully defended.

25. Cash and cash equivalents

2023 $

2022 $

Money market instruments and money at call (note 6)

519,334,455 155,391,151 13,482,886

1,029,909,586 137,783,494

Regional and foreign currencies

Balances with other central banks (note 5)

17,814,003 1,150,207 1,020,689

Balances with local banks

600,759 692,982

Balances with foreign banks (note 5)

689,502,233

Total cash and cash equivalents

1,187,677,979

26. Net interest income

2023 $

2022 $

Interest income (calculated using the effective interest method)

Foreign investment securities

22,111,706 1,413,107 3,689,930 13,167,886

53,512,398 25,322,139 4,699,040 6,459,084

Money market instruments and money at call

Mortgage-backed securities

Participating governments’ securities and advances

Other interest income

35,087

61,077

40,417,716

90,053,738

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